We're keeping our cars on the road longer

[matthew1]

Here's a good article https://www.axios.com/2023/05/15/ev-ele ... cars-aging on how the average age of cars is increasing.

We'd like to think it's because we work on them and keep them running.

The average age of light vehicles on the road in the U.S. is now at an all-time high of 12.5 years, up three months from 2022, according to S&P Global Mobility. Two decades ago, their average age was 9.7 years.

Sticker prices for new cars are rising, and existing vehicles are lasting longer, giving owners reason to hold onto their current ride.

Long gone are the days when your car was toast when the odometer hit 100,000 miles.

But vehicles still need regular maintenance and replacement parts as they age.

Aftermarket industry revenue is expected to grow at least 5% in 2023 after jumping 8.5% in 2022, according to a forecast by S&P, the Auto Care Association and MEMA Aftermarket Suppliers.

Zoom in: April's average new vehicle transaction price was $48,275, up 3.7% from a year earlier, partly because of the popularity of more expensive trucks and SUVs, according to Kelley Blue Book.

"The prices are astronomical," Todd Campau, associate director of aftermarket solutions for S&P Global Mobility, tells Axios.
If current owners don't need a new car, they're simply not buying one, Campau says.

The impact: The transition from gas to electric cars will take decades.

It'll likely take until at least 2050 — and possibly longer — before most gas-powered cars are off the road, Campau says.

average age of vehicles on the road.jpg (37.36 KiB) Viewed 717 times

[BlackBart]

So at 13.5-ish years, they're not catching most of us here! And why so short on big tough trucks? hmm

[volvolugnut]

After a few seconds of deep thought, I think I have the answer for light trucks being lower average age. Many trucks are purchased for business use and they replace sooner after lots of miles.
volvolugnut

[abscate]

So at 13.5-ish years, they're not catching most of us here! And why so short on big tough trucks? hmm

Truck clubs have smaller Members.

[foggydogg]

"...April's average new vehicle transaction price was $48,275"
Towards the end of the Great Recession of '07 that money would've bought a house in a rural area of the country - and in some urban areas. That alone will inform the decision of the motoring public about whether to fix the old car or buy new, along with cars being better built, and advanced lubricating oil chemistry .
As for the light truck market, a quick story:
A friend is a Realtor (R) and yes, he did take the special course on how to whine about the state of the market, how much he works, how little he's making &c. Every four or 5 years, though, his accountant tells him he has to buy something to keep the mean old Government from taking all his money, and, et voila,, a new truck appears. In the other odd-years, a new tractor appears. In between, a new toolbox shows up ( I got the old one last year.) Those kind of business deals driven by tax considerations skew the numbers a bit.
*(Side note: It is now possible to spend over $2,200 on a set of cotton bed sheets. https://www.sferra.com/products/sferra- ... collection This is not a joke.)

[Krons]

It’ll be interesting to see how this data evolves.

Maybe I’m getting old but while I like the idea of a new car the payments are just a deal breaker. Many just don’t have the means for a new car anymore, and frighteningly some can’t fix their car either.

I do however get satisfaction in seeing how good these old Volvos can run with some maintenance and regular repairs. Places like here at MVS and YouTube have never made it easier to learn how to fix your own stuff.

[abscate]

Every four or 5 years, though, his accountant tells him he has to buy something to keep the mean old Government from taking all his money, and, et voila,, a new truck appears.

Spending money to buy something you don’t need, to lower your tax burden. Hmmm, makes a lot of sense. Followed by “ gas taxes are too high, I can’t afford my truck”

Interesting that the average of cars and trucks has split in the past 20 years, cars now 13,5 years old

[foggydogg]

Every four or 5 years, though, his accountant tells him he has to buy something to keep the mean old Government from taking all his money, and, et voila,, a new truck appears.

Spending money to buy something you don’t need, to lower your tax burden. Hmmm, makes a lot of sense. Followed by “ gas taxes are too high, I can’t afford my truck”

Interesting that the average of cars and trucks has split in the past 20 years, cars now 13,5 years old

A reminder, as a Realtor my old friend Steve gets to write off gas, and he has enough of his farm left that figures into the equation too.
He thinks he has to make a certain presentation to the buying public, hence the new but not overly ostentatious truck. And, as a typical Realtor, he has trouble checking his tire pressure, so doing even routine maintenance is beyond his ken.

[abscate]

He gets to write off gas and miles used for business only, and most of them cheat on this , claiming everything. When the IRS had its auditors fully staffed we caught this, now it is rampantly abused